It is important to consider that the investment into...

It is important to consider that the investment into disbursement funding has increased very rapidly. They might hit $5.6M EBITDA, but that's on an investment of anywhere from $2-3M from two years ago. The interest they charge their clients are much higher than the 15% and as long as it stays that way, there are profits to be made.

Also what head office costs / key management fees are you referring to? (EBITDA absolutely includes salaries, wages etc.)